Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ dollar rises vs. Russian ruble as Ukrain tensions mount

NZ dollar rises vs. Russian ruble amid mounting tensions over Ukraine

By Tina Morrison

April 28 (BusinessDesk) – The New Zealand dollar gained against the Russian ruble amid escalating tensions between Western countries and Russia over Ukraine.

The kiwi advanced to 30.86 ruble at 8am in Wellington from 30.64 ruble at 5pm on Friday. The local currency was almost unchanged at 85.72 US cents from 85.74 cents at the New York close and 85.70 cents at 5pm on Friday, the ANZAC public holiday.

The New Zealand dollar has climbed 15 percent against its Russian counterpart so far this year, touching a record 31.45 ruble last month, amid rising geopolitical tensions between the West and Russia over control of Ukraine. The Russian central bank on Friday unexpectedly raised interest rates to support the ruble after ratings agency Standard & Poor’s cut the country’s credit rating to one level above junk following capital flight from Russia.

An accord signed earlier this month by Ukraine, Russia, the US and the European Union is reported to be on the brink of collapse. Adding to the tensions, Reuters reports the US and the European Union are preparing to impose new sanctions on Russia as early as today on concern about Russian attempts to destabilise eastern Ukraine.

“We will… be closely watching the conflict between Russia and Ukraine because an intensification of tensions could certainly rile up the currency market,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management in New York, said in a note. “If Russia decides to embark on a full military invasion of Eastern Ukraine, we could see a deep sell-off in currencies and equities.”

The New Zealand dollar was little changed at 87.64 yen from 87.67 yen on Friday ahead of data on Japanese retail sales later today.

Meantime, the local currency was also little changed at 92.38 Australian cents from 92.30 cents on Friday, at 61.93 euro cents from 61.95 cents and at 51.02 British pence from 50.98 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news